TheNewsGuru

Tag: Suspension

  • Shares’ suspension: Operators urge SEC, Oando to settle out-of-court

    Some capital market operators on Thursday urged the Securities and Exchange Commission (SEC) and Oando Nigeria to settle the dispute over the latter’s shares suspension out-of-court.

    They told the News Agency of Nigeria (NAN) in Lagos that further impasse over the issue in the public could dampen public interest in the nation’s capital market.

    Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., Lagos, said that it was wrong for the two to fight in public.

    Omordion said that the two parties should have gone to the Investment and Securities Tribunal (IST) to resolve the dispute.

    He said that the amount quoted by the commission for forensic audit of Oando should be resolved in the interest of shareholders.

    Prof. Sheriffdeen Tella of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun, said that the issue should be handled with utmost care.

    Tella said that: “In all markets are people or members who are out to play games.

    “That is why there are inspectors, coordinators and regulators which is the role being played by SEC in the capital market,” he said.

    Tella said that what was important, however, was that the issue should be resolved amicably and not to erode investors’ confidence.

    NAN reports that SEC, on Oct. 18, directed the Nigerian Stock Exchange (NSE) to place the shares of Oando on technical suspension effective from Oct. 20 pending the outcome of a forensic audit of Oando.

    The directive was due to two petitions by one Alhaji Dahiru Barau Mangal and Ansbury Incorporated over breach of the provisions of the Investments & Securities Act 2007.

    SEC said that the company also breached SEC Code of Corporate Governance for Public Companies and suspected insider dealings and discrepancies in the shareholding structure of Oando.

    Oando, however, on Oct. 23, obtained an interim order from a Federal High Court restraining NSE from suspending trading on its shares.

    The order also restrained SEC from conducting any forensic audit into the company’s affairs, pending the hearing and determination of the matter.

    ‘’We are of the view that the SEC’s directives are illegal, invalid and calculated to prejudice the business of the company,” Oando said in a statement.

  • Fraud: Health Minister approves suspension of NHIS secretary indefinitely

    The Minister of Health, Prof. Isaac Adewole has approved the indefinite suspension of the Executive Secretary of the National Health Insurance Scheme, NHIS, Prof. Usman Yusuf as panel submits report indicting him (Yusuf).

    TheNewsGuru.com reports that Yusuf has been on three months suspension since July 6, based on the directive of the minister, to allow for fair and uninterrupted investigation of the various allegations levied against him.

    However, in a letter addressed to the embattled NHIS chief on October 5, ‎the minister stated that the committee that investigated Yusuf had submitted its report. He said the report has been forwarded to President Muhammadu Buhari for consideration and further action.

    The minister noted that the committee found Mr. Yusuf “culpable in many areas” of his performance.

    “I am further extending your suspension from office pending the decision of” President Buhari, the minister said.

    Yusuf, a professor of Pediatrics, who took over the management of the insurance scheme in 2016, was suspended from office due to the allegations of fraud, misappropriation and nepotism which was alleged against him.

    TheNewsGuru.com reports that his suspension had generated controversies with the House of Representatives asking that he be reinstated.

    Yusuf had also replied the minister that he would not obey the suspension, saying the minister had no powers to suspend him.

    Apart from the Executive Secretary, eight other top management staff of the agency were also suspended over corruption allegations.

    TheNewsGuru.com reports that the agency has since been headed by Attahiru Ibrahim in acting capacity.

     

  • PDP calls for suspension, prosecution of NNPC GMD, Baru

    The Peoples Democratic Party, PDP, has called on President Muhammadu Buhari to suspend the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru over the allegation of corruption in the corporation.

    It also demanded that Baru be handed over to the Economic and Financial Crimes Commission for investigation and prosecution.

    National Publicity Secretary of the party, Prince Dayo Adeyeye, stated this at an ongoing press conference at the party’s headquarters in Abuja on Thursday.

    Details later…

  • NLC announces conditional suspension of strike in Zamfara

    The Nigeria Labor Congress (NLC), Zamfara chapter, on Monday announced a conditional suspension of the indefinite strike it embarked upon a fortnight ago.

    The announcement was made by the state NLC Chairman, Comrade Bashir Mafara, after a meeting of the State Executive Council (SEC) at its secretariat in Gusau.

    He said the conditional suspension followed the intervention of various stakeholders, including members of the state house of assembly, religious and traditional leaders as well as the state’s Elders Forum.

    Mafara said the conditional suspension of the strike would be for four weeks, during which the workers’ seven demands were expected to be met by the state government.

    “We are not doing this out of fear or intimidation but for the respect we have for the different categories of people that intervened in the matter,” the labour leader said.

    He directed all workers in the state to immediately resume work and await further instructions from the union’s leadership.

    The chairman commended the resilience of the workers, goodwill and support of the people of the state, as well as journalists and assured that the NLC would continue to do its best in meeting the expectations of the people.

    TheNewsGuru.com reports that the strike followed the failure of the government to pay arrears of entitlements including promotion, gratuity of pensioners and full implementation of the N18, 000 minimum wage.

     

     

    NAN

     

  • FG perfect plans to return Nigeria to Egmont Group after 2 months suspension

    The Presidential ad hoc committee set up by the Nigerian government to facilitate the return of the country to Egmont Group submitted its report to Vice President Yemi Osinbajo on Wednesday.

    The Chairman of the committee and Senator representing Enugu North, Chukkwuka Utazi, gave the information to State House Correspondents after the committee met with the Vice President.

    According to him, the committee was optimistic that with appropriate suggestions and actions to be taken by the federal government, the country will soon return to the global financial intelligence group

    “The Committee is a Presidential ad hoc Committee to reposition the Nigeria Financial Intelligence Unit and then restore Nigerian membership of Egmont Group from which was suspended on July 7.

    “This committee is here today to present a report to the Vice President which he will in turn discuss with Mr President before any formal decision will be taken by the government,’’ he said.

    Mr. Utazi declined to mention what the report contained or its recommendations noting that the Vice President just received it and would discuss it with the President before the committee could comment on it further.

    “This committee has worked to ensure that everything that led to our being suspended from the Egmont Group was handled in that report.

    “By the time this report would be considered by Mr President and the Presidency, Nigeria would get out of the woods,’’ the Senator said.

    He said the committee was not set up to justify the suspension or otherwise but noted that “the thing is that we have been suspended and we are working very hard to come out of such a situation.’’

    The Senator said that going forward, the committee expected that with the timely intervention of the Presidency in sync with the passage of the law by the Senate in July, it showed that Nigeria was moving forward.

    He also noted that the international community was following the processes in the country to ensure that the suspension was lifted.

    The Egmont Group of Financial Intelligence Units is an informal network of national financial intelligence units (FIUs).

    National FIUs collect information on suspicious or unusual financial activity from the financial industry and other entities or professions required to report transactions suspected of being money laundering or terrorism financing.

    FIUs are normally not law enforcement agencies, with their mission being to process and analyze the information received. If sufficient evidence of unlawful activity is found, the matter is passed to the public prosecution agencies.

  • Quit Notice: Arewa Youths assure Igbos of safety, blast Nnamdi Kanu for rejecting suspension

    The President of Arewa Youths Consultative Forum, Shetima Yerima, has assured Igbos resident in the North of their safety before, during and after the initial October 1 deadline quit notice to leave the region.

    Yerima said the decision of the coalition (who came together to issue a quit notice to Igbos resident in the region some few months back) was in the interest of the unity and peace of the progress.

    He explained that several well meaning Nigerians have waded into the matter and it was in national interest the quit notice was withdrawn. He told The Sun in an interview that “no evil will befall” the Igbos.

    TheNewsGuru.com reports that the leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu had earlier rejected the withdrawal warning Igbos residents in the region to leave before the expiration of the deadline or face whatever consequences that might happen thereafter.

    However, in a reaction, Yerima explained that Kanu’s rejection holds no water as he (Nnamdi Kanu) is in no position of authority to decide what fellow Igbos do. He said the withdrawal was not made because of him (Nnamdi Kanu) and as such his reaction does not count.

    In his words: “Did I do it for him or in the interest of the country? His rejection of the suspension of the quit notice is not important to me.

    “What we did was to demonstrate that we have a culture. We give respect to our elders and it was to ensure that the country remains together.

    “The country is above anybody. On that basis, his acceptance or not is not important but I know that he also is not speaking for the Igbo. It is a minority view of few people making all sorts of noise.

    “It is not really important to me and I do not want to join issues with them. Nigeria is above everybody and I stand on the path of one united country. We have to build a nation that we can call our own

    “Nobody would do anything. Anybody who does anything, we make sure that the authorities arrest the person. We are in charge.

    “Nobody should be scared of anything. Our youths are reasonable; they are known to respect one another; we listen to our leaders unlike some other parts of the country. But having said that, you can be rest assured that there is no cause for alarm.

    “So, let Nigerians be rest assured that nothing would befall anybody by God’s grace and we are working towards that and we would give the government the maximum support. Our brothers across board, we would make sure that no evil would befall them. That is the position of things.”

    The Arewa youths President also declared that he has nothing against Igbos, stressing that the quit notice was in the interest of Nigeria.

    He said, “A lot of my friends are Igbo people. I have nothing against the Igbo.

    “It did not end there; let me also demonstrate that to you; my first wife is from Calabar, the old south-eastern region. We have two kids. I have a good relationship with the Igbo.”

  • Edo Assembly lifts suspension on ex-Speaker, Majority Leader

    …As former Deputy Speaker, Mrs. Elizabeth Ativie

    The Edo State House of Assembly on Monday lifted the suspension of its former Speaker, Dr. Justin Okonoboh, and Majority Leader, Mr. Foly Ogedengbe.

    The resolution followed the recommendations of an ad hoc committee which had the new Deputy Speaker, Mr. Victor Edoro, as Chairman.

    It, however, said that the suspension of the former deputy speaker, Mrs. Elizabeth Ativie, and the member representing Esan North-East II, Mr. Magnus-Desmond Ezehi, would remain until they showed a sign of cooperation with the committee.

    TheNewsGuru.com reports that Okonoboh, who represents Igueben constituency, Ativie and Ogedengbe were impeached last Monday by 19 members for alleged gross misconduct.

    The member representing Akoko Edo I, Mr. Kabiru Adjoto, had been elected as the new Speaker.

    The affected members had also been suspended for three months, pending the outcome of an investigation by an ad hoc committee.

    The chairman of the committee explained to the House that the former speaker and majority leader were “seemingly cooperative” with investigations while Ativie and Igbas allegedly showed no respect to the committee and the House as of the time of submitting its preliminary report.

    Edoro also noted some of the property of the assembly had been returned by the two suspended members.

    “Consequently, the suspension of the members, Okonoboh and Ogedengbe, is hereby lifted, while Ativie and Igbas remain suspended,” Adjoto said shortly after the resolution was passed on Monday.

    Meanwhile, the assembly has reconstituted its Principal Officers Council and 23 House committees.

    The new members of the council and their positions include Mr. Sunday Eghedo (APC), Deputy Leader; Mr. Osaigbovo Iyoha (APC), Chief Whip; Mr. Sylvanus Eruaga (PDP), Minority Leader; Mr. Audu Ganiyu (APC), Deputy Chief Whip; Mr. Sunday Osazemwinde (APC), co-opted member; and Mr. Festus Edughele (APC), co-opted member.

  • Suspension: APC nullifies ward decision, says Banire remains Legal Adviser

    The APC National Headquarters has overruled its Mushin Local Government Area chapter over the suspension of the National Legal Adviser, Mr. Muiz Banire.

    TheNewsGuru.com reports that the Ilasamaja Ward C of the APC in Mushin had sent Banire packing from the party for what it described as anti-party activities. The Mushin council APC followed suit and asked for his removal as National Legal Adviser

    The Acting Chairman of the APC in Mushin LGA, Mr. Sola Osobajo, said, “After receiving the minutes of the Ward C meeting, and having carefully considered the decision of Ward C leadership, we decided to adopt the resolution for further necessary action at the state and national levels. The party leadership in Mushin further recommended to the state chapter the expulsion of Banire from the party.”

    However, Banire in a statement he signed on Thursday, however, questioned the powers of his traducers.

    “If these crooked elements were members of the party, they would know that by the constitution of the APC, it is the National Executive Committee that can remove a national officer of the party responsible for the 36 states of the federation and the Federal Capital Territory.

    “I urge the members of the public to ignore these undesirable and mischievous elements together with their antics,” he said.

    Banire’s position was upheld by the APC Friday in a statement by its spokesman, Mallam Bolaji Abdulahi.

    The statement reads: “The attention of the National Working Committee (NWC) of the All Progressives Congress (APC) has been drawn to the purported suspension of the Party’s National Legal Adviser, Dr. Muiz Banire (SAN) by the Party’s executive committee in Mushin Local government area of Lagos State.

    “We wish to state categorically that the purported suspension is a nullity as the local chapter of the Party does not have such powers to suspend a national officer. According to the Party’s constitution, such powers reside with the National Executive Committee (NEC) of the Party.

    “The Party advises that whatever issues there might be, our party structure and constitution provide ample avenues for redress and dispute resolution. If the local chapter is unable to achieve a resolution, the NWC can and will wade in the matter to achieve amicable settlement.”

  • We are not worried about suspension from GCC – Qatar

    We are not worried about suspension from GCC – Qatar

    The Qatari government has said it is not worried that its membership in the Gulf Cooperation Council (GCC) will be suspended as its rival neighbours threaten to escalate their sanctions against Doha.

    “No, they cannot take such a decision because it should be by consensus,” Qatari Foreign Minister Mohammed Abdulrahman said during a meeting at the Chatham House think tank in London.

    He was referring to the six-member political and economic alliance in the Gulf, which includes Kuwait and Oman, who have taken a neutral stance since the crisis began a month ago.

    Three members of the GCC, Saudi Arabia, Bahrain and the United Arab Emirates, along with Egypt cut diplomatic and transportation links with Qatar in June.

    Since then, Kuwait has been mediating the crisis.

    The media reports that Qatar faces further isolation and possible expulsion from the Gulf Cooperation Council (GCC) if its response to a list of demands made nearly two weeks ago is not satisfactory.

    Saudi Arabia, the United Arab Emirates, Egypt and Bahrain foreign ministers are due to meet in Cairo to discuss Qatar’s reply to 13 demands they sent to Qatar in return for the lifting of sanctions imposed in June.

    The dispute revolves around allegations that Qatar supports Islamist militants, including the Muslim Brotherhood, which has been designated a terrorist organisation by Saudi Arabia, the UAE and Egypt.

    Qatar denies it supports terrorism and says Arab countries want to control its foreign policy.

    Abdulrahman had said at a joint news conference with his German counterpart on Tuesday that its response was “given in goodwill and good initiative for a constructive solution.

    However, he insisted that Doha would not compromise on its sovereignty.

    Gulf officials have said the demands are not negotiable, signalling more sanctions are possible, including “parting ways” with Doha a suggestion it may be ejected from the GCC, a regional economic and security cooperation body founded in 1981.

    “Qatar is walking alone in its dreams and illusions, far away from its Gulf Arab brothers, after it sold every brother and friend and bought the treacherous and the one far away at the highest price.

    “A Gulf national may be obliged to prepare psychologically for his Gulf to be without Qatar,” the editor of the Abu Dhabi government linked al-Ittihad newspaper wrote in an editorial said.

    Some newspapers said that remarks by Abdulrahman in which he stressed his country would not compromise on its sovereignty suggest that Doha would not change its policies.

     

     

    (dpa/NAN)

  • Fresh troubles for suspended lawmaker, Jibrin as party expels him

    The All Progressive Congress, APC, in Bebeji Local Government Area of Kano State, says it has expelled Abdulmumuni Jibrin, the member of the House of Representatives who was suspended for accusing the leadership of the House of budget fraud.

    TheNewsGuru.com reports that Jibrin represents Bebeji Federal Constituency. The chapter of the party said Mr. Jibrin was expelled for taking part in anti-party activities.

    Reading the resolution expelling Jibrin Thursday, the party chairman in the local government, Sani Ranka, told journalists in Kano the party had taken all constitutional steps to make Mr. Jibrin step back from “anti-party activities”, to no avail.

    He said the party formed a five-member committee to meet with Mr. Jibrin, but the lawmaker refused to meet the panel.

    “Before taking this final decision, we formed a disciplinary five-man committee and they went to him on 11-4-2017, he saw them briefly but without any tangible talks and they went back on 13-4-2017 he then refused to see them,” he said.

    Ranka said after reporting back to the party executives, the party’s caucus agreed to expel Jibrin from the party.

    The party accused the suspended member of factionalizing the party, creating new unconstitutional leadership, going against the government of Governor Abdullahi Ganduje and indiscipline against the national headquarters of the party and the presidency of Muhammadu Buhari.

    Jibrin is however yet to react to the new development.